• Warren Buffett, a long-time crypto critic, labels Bitcoin as “Gambling Token” with no intrinsic value.
• He claims people are drawn to Bitcoin in search of easy money, which can come with grave risks.
• Experts have hit back against Buffett for his anti-crypto stance, highlighting the strong performance of BTC this year.
Warren Buffett Labels Bitcoin as ‘Gambling Token’
Billionaire investor and long-time crypto critic Warren Buffett has once again lashed out at Bitcoin, claiming that it is a gambling token and doesn’t have any intrinsic value. During a recent interview with CNBC’s Squawk Box, the Berkshire Hathaway CEO and chairman labeled Bitcoin a “gambling token” and stated that people go after it in search of “easy money” which comes with grave risks.
Crypto Market Experiences Broad Upturn
Contrary to Buffett’s stance, Bitcoin and the broader crypto market have experienced a broad upswing recently. The leading cryptocurrency is up more than 80% YTD and currently trading above the $30,000 mark – up by 25% over the past month alone according to Shark Tank star Kevin O’Leary. This upsurge in crypto prices comes after BTC crashed 65% in 2022 due to some high-profile collapses of crypto projects and hedge funds including FTX’s implosion once the third-largest exchange in the world.
Buffett’s Anti Crypto Stance
Buffett is known for his anti-crypto stance. In the past he has called Bitcoin “rat poison squared” and a “delusion”. In May 2022 he declared that he would not buy all the bitcoin in the world even for just $25 stating: “If you… owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it.” His business partner Charlie Munger also shared this view likening bitcoin to a “venereal disease”.
Experts Hit Back Against Criticizing Crypto
Experts have hit back against Buffet for criticizing crypto assets such as bitcoin highlighting its strong performance this year compared to other assets such as stocks or gold which may be considered safer investments by traditional investors like Buffet himself.
Although there are still many critics who don’t believe in cryptocurrencies such as Warren Buffet there is an increasing number of institutional investors investing into these digital assets acknowledging their potential upside from both short term gains or long term portfolio diversification benefits .